! Required information [The following information applies to the questions displayed below.] Lamonte Company reports the following budgeted December 31 adjusted trial balance. Cash Accounts receivable. Merchandise inventory Equipment Accumulated depreciation-Equipment Accounts payable Loan payable Common stock Retained earnings (beginning year balance) Sales Cost of goods sold Loan interest expense Depreciation expense Salaries expense Totals Debit $ 50,000 120,000 64,000 125,000 360,000 8,000 10,000 122,000 $ 859,000 Credit $ 25,000 34,000 22,000 200,000 58,000 520,000 $ 859,000 The ending year balance of Retained earnings was $78,000 on December 31. Prepare Lamonte Company's budgeted balance sheet as of December 31.
! Required information [The following information applies to the questions displayed below.] Lamonte Company reports the following budgeted December 31 adjusted trial balance. Cash Accounts receivable. Merchandise inventory Equipment Accumulated depreciation-Equipment Accounts payable Loan payable Common stock Retained earnings (beginning year balance) Sales Cost of goods sold Loan interest expense Depreciation expense Salaries expense Totals Debit $ 50,000 120,000 64,000 125,000 360,000 8,000 10,000 122,000 $ 859,000 Credit $ 25,000 34,000 22,000 200,000 58,000 520,000 $ 859,000 The ending year balance of Retained earnings was $78,000 on December 31. Prepare Lamonte Company's budgeted balance sheet as of December 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Required information
[The following information applies to the questions displayed below.]
Lamonte Company reports the following budgeted December 31 adjusted trial balance.
Cash
Accounts receivable.
Merchandise inventory
Equipment
Accumulated depreciation-Equipment
Accounts payable
Loan payable
Common stock
Retained earnings (beginning year balance)
Sales
Cost of goods sold
Loan interest expense
Depreciation expense
Salaries expense
Totals
Debit
$ 50,000
120,000
64,000
125,000
360,000
8,000
10,000
122,000
$ 859,000
Credit
$ 25,000
34,000
22,000
200,000
58,000
520,000
$ 859,000
The ending year balance of Retained earnings was $78,000 on December 31. Prepare Lamonte Company's budgeted balance sheet
as of December 31.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fac69951b-8728-46ae-8bfb-4f439eaff53e%2Fb6690ce1-a2bf-4ea8-a50e-92e0b8dae647%2F11urym6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Lamonte Company reports the following budgeted December 31 adjusted trial balance.
Cash
Accounts receivable.
Merchandise inventory
Equipment
Accumulated depreciation-Equipment
Accounts payable
Loan payable
Common stock
Retained earnings (beginning year balance)
Sales
Cost of goods sold
Loan interest expense
Depreciation expense
Salaries expense
Totals
Debit
$ 50,000
120,000
64,000
125,000
360,000
8,000
10,000
122,000
$ 859,000
Credit
$ 25,000
34,000
22,000
200,000
58,000
520,000
$ 859,000
The ending year balance of Retained earnings was $78,000 on December 31. Prepare Lamonte Company's budgeted balance sheet
as of December 31.
Transcribed Image Text:Total Assets
Total liabilities
Total Equity
Total Liabilities and Equity
LAMONTE COMPANY
Budgeted Balance Sheet
December 31
Assets
Liabilities
Equity
0
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